I remember after Phil Mickelson choked away yet another US Open last year, Fox News ran some derpy story about how he was probably relieved because he'd have owed another million bucks in taxes if he'd come in first.

Yeah, I'm sure that winning the one major that's eluded him, and putting himself in the inner circle of the greatest golfers of all time by only being the 5th golfer ever to complete the career Grand Slam wouldn't enter into it at all, and having to pay a bit of tax would make him regret it. My suspicion is that Mickelson, like many pro golfers (and pro athletes in general) is in general alignment with Fox News politically, but if I were him, I'd find that insulting as hell.

im sorry, did they just give an example of two millionaires who are in the top tax bracket, and expect me to feel bad that if they win an extra 25k they only net around 16? let me bust out the smallest violen ever

You mean lower taxes will help athletes compete against athletes from other countries that already have higher tax burdens? The one American carded athlete I know told me that most other nation's athletes are much better funded which is why she needs sponsors.

Just as the Olympics should be free in their entirety to watch, as Canada does for its citizenry, performing in the Olympics should not be subject to these kinds of burdensome taxes. There people are risking a lot for the sake of American PR, they should not have to pay taxes on the glory they bring home.

InterruptingQuirk:Just as the Olympics should be free in their entirety to watch, as Canada does for its citizenry, performing in the Olympics should not be subject to these kinds of burdensome taxes. There people are risking a lot for the sake of American PR, they should not have to pay taxes on the glory they bring home.

I mean how are they ever going to pay taxes that result because we gave them a pile of money? That is outrageous. It isn't like they just got a bunch of money or anything.

dustman81:Yea, I'm sure that an Olympian is thinking "Winning a metal is an accomplishment of a lifetime, but I better not as I'd have to pay taxes on it."

Medal-winning Olympians have so many endorsement deals thrown at them upon coming home that paying taxes on their medal isn't a problem.

How the hell is that a motivation? They're gonna have to pay so much of their sponsorship money to Uncle Sam they might as well just sign up for food stamps now. Did you even read the article? The more money you make, the poorer you are.

On Tuesday, Texas GOP Rep. Blake Farenthold re-introduced legislation -- the "Tax Exemptions for American Medalists (TEAM) Act" - that would exempt U.S. Olympic athletes from paying taxes on the medals and the accompanying money.

"This needless tax illustrates how complicated and burdensome our tax code has become," he said. "We need a fairer system for all, and eliminating this unnecessary tax burden on our athletes is a good way to start."

During the 2012 presidential campaign, Republican nominee Mitt Romney and President Obama backed a similar Senate proposal.

And clearly the potential tax burden has really made it nigh impossible to even field athletes for most of the events. Our team has like what, ten or eleven people on it? And those bastards are probably on food stamps.

Descartes:"This needless tax illustrates how complicated and burdensome our tax code has become," he said. "We need a fairer system for all, and eliminating this unnecessary tax burden on our athletes is a good way to start."

Umm. Does he realize he is advocating creating an exception to the normal rules? In other words making the tax code MORE complicated.

At risk of agreeing with Fox News, it is stupid to tax Olympic winnings.

But then our tax reporting requirements for citizens who live out of the country are rediculous. You just about need a CPA to file your income, bank account information, and all kinds of extra stuff to more than likely not owe anything.

dustman81:Yea, I'm sure that an Olympian is thinking "Winning a metal is an accomplishment of a lifetime, but I better not as I'd have to pay taxes on it."

Medal-winning Olympians have so many endorsement deals thrown at them upon coming home that paying taxes on their medal isn't a problem.

You should look at an interview that Jon Stewart has with Edward Conard. Stewart's argument is very similar to yours. Conrad (a former Bain Capital executive) says that if taxes are higher, Americans will be disinclined to be inventive if they think they will be less able to profit from it. And Stewart's reply is basically, "I don't think you understand the nature of creativity."

Fox News: Where scientists and schoolteachers are "leeches" who deserve to pay double-extra taxes, but the person in the world who is the best at riding a snowboard off a cliff needs a special Congressional exemption on their income.

TheGreatGazoo:At risk of agreeing with Fox News, it is stupid to tax Olympic winnings.

Or what's more stupid is faking false outrage over a tax rate that only the richest of the rich olympic athletes will pay. The guys who are competing in Ice Curling? They will pay maybe 5 bucks in taxes if they win the gold - if that.

But then our tax reporting requirements for citizens who live out of the country are rediculous. You just about need a CPA to file your income, bank account information, and all kinds of extra stuff to more than likely not owe anything.

TerminalEchoes:Just imagine if NPR or BSNBC ran this story. Farkers would be outraged that Olympic medal winners were expected to pay taxes on their medals.

Nope, I'd still not give a damn one way or the other. The 2010 Olympics brought the US 37 medals, figure maybe 60 individuals due to team events. So even if all the athletes were in the top bracket (they're not), we're talking in the neighborhood of $360k in taxes. Not enough for me to care if they get an exemption carved out. But I also don't care that people get taxed on income earned just because it was earned doing something "special."

The source, whether Fox or NPR, is not going going to make me care either way.

dywed88:InterruptingQuirk: Just as the Olympics should be free in their entirety to watch, as Canada does for its citizenry, performing in the Olympics should not be subject to these kinds of burdensome taxes. There people are risking a lot for the sake of American PR, they should not have to pay taxes on the glory they bring home.

I mean how are they ever going to pay taxes that result because we gave them a pile of money? That is outrageous. It isn't like they just got a bunch of money or anything.

Those assholes trained on roads we built. Tax those farkers. We earned that gold.